Stocks in the news: Time Warner, Bank of America, Aetna

Time Warner Inc. (TWX), parent of this Web site, continues to be hurt by a drop-off in advertising sales as it reported net income fell 14 percent in the first quarter to $661 million. Revenue dropped 7 percent to $6.9 billion. Excluding some items, profit was 45 cents, beating the 40-cent estimate of analysts surveyed by Bloomberg. Time Warner also reiterated its full year 2009 outlook. TWX shares jumped about 7.5 percent before the bell.

Bank of American (BAC) is holding a shareholder meeting at 10 a.m. Eastern, with a major vote to decide the fate of CEO and Chairman Ken Lewis. He may be pushed off the latter position. BAC shares gained 3 percent in pre-market trading.